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RISING CORN RUINED THEM. Field, Lindley, Weichers & Co., Bankers and Brokers, Assign. GRAIN MARKETS SLIGHTLY AFFECTED. The Assignee Says the Failure is Due Princi. pally to the Fact That Mr. Field Has Lost His Reason. NEW YORK, Nov. 27.-Edward M. Field, Daniel A. Lindley. John Frederick Weichers and Herman C. Hilmers, composing the firm of Field, Lindley, Weichers & Co., bankers and brokers at No. 1 Broadway, assigned to. day to Charles W. Gould without preference. The failure was announced in the produce exchange at noon, but the grain markets were only slightly affected. The house was an old one, but latterly has been somewhat restricted in its dealings. The failure is attributed to the advance in corn here and at Chicago. They had been protecting some large lines of corn from the S. V. White deal and had been on the short side of the November market and a few days ago had to cover 500,000 bushels. Their operations were mainly in Chicago, but to some extent here. Other articles have gone against them. it is said, especially coffee, while they had some dealings as well in Wall street. Just how much of an amount the firms finds itself unable to pay is not as yet clear. The grain markets were only slightly affected by the failure. The head of the firm 18 a son of Cyrus W. Field. WHAT THE ASSIGNEE SAYS. Assignee Gould, when seen at the firm's office this afternoon said: "The assignment was made for this reason: Edward M. Field, the senior member of the firm, has apparently gone distracted. His illness resemble incipient paresis, and is due to overwork and the great responsibility resting upon him as the manager of the finances of the firm. His mother died last Monday, and this event seemed to bring to a climax his mental trouble which some of his friends had detected two years ago. A physician told me a few days ago that Mr. Field WAS not right in his mind. 'Mr. Field having the sole management of the funds of the firm, it at once became necessary to get from him their condition. So I went. in company with other members of the firm. to his residence and tried to find out how things stood. We failed, however, to obtain from him any light on the situation, as his mind would continually stray away from the subject. We had undertaken a hopeless task. The assignment then became imperative in order to protect the firm and its customers. cannot say how the firm stands. [ have directed the clerks to submit to me all balances as quickly as obtained, but the work is necessarily slow. I hope that the assets will exceed the liabilities, but just now I cannot say. EXPECTED ON THE STOCK EXCHANGE. Before the formal announcement of the suspension was made the traders of the floor of the Stock Exchange knew that it was coming, and they sold stocks freely in expectation that the failure of the firm would be followed by a break in prices. When the announcement was made from the rostrum a decline of about 1 per cent. occurred, but it was soon seen that the firm was short of m re stocks than it was long. and large amounts of stock had to be bought in for it under the rule to cover the short contracts. The firm is generally believed to have been hurt by the corner in November corn of which their principal customers are said to have been short and what was called the Washington building bear clique. This clique was for some time active on the near side of the market. and is believed to have lost large sums in endeavoring to break Burlington, Lackawanna and other stocks. On August 1st the credit of the firm was rated at $750,000 to $1,000,000. For some time after the suspension was announced the stock market was stagnant, all business being practically neglected on the floor. the brokers being too interested in the closing out of the first contracts to make any new deals.